hello Robert Kiyosaki and I'm very
excited about this Rich dads world and
as you know the economy is changing at
very high rates of speed and this is a
very exciting time
for some people
but this could also be the biggest
disaster for others and the reason why
this show is so so important is the
theme of the show
is that bull markets you know when
markets are going up
Rising markets look make stupid people
look smart
let me say it again the theme of this
show is when the economy and I had had
hand surgery here
when the economy is going up even stupid
people look smart
and my my friend today will be John
McGregor he's a recovering certified
financial planner working for the dark
side Wall Street and
um
we're going to be talking about how
stupid people I'm how a rising market
made stupid people think they're smart
and I was talking to John again he's
from Hawaii like me how can Highly
Educated people
be so stupid
how can Highly Educated people be so
stupid
well there's many reasons is because
they think they're better than us
you know they they think they're Above
the Law they can do what they want you
know like my poor dad with his PhD
thought he was Superior to all people
although he was flat broke
and my rich dad who had no Financial
education who Kim met was one smart dude
so that's why I'm happy talking to a
rich dad's world and all this because
what happens in a market crash
the really smart people
get really rich
in a crash the really smart the
financially astute the reason we have
Rich dad's world the reason we have the
cash flow games reason to write our
books is this time for really smart
people financially smart people
financially prepared people to get very
rich anyway that's the theme of the show
a bull market makes everybody who is
stupid smart
a crash makes the stupid people look
stupid
but makes the highly at the people who
are educated and prepared very rich so
you can ask Kim
we make most of our monies and crashes
is that correct Kim
yes we do and and to your point Robert
about you know the the the financially
astute versus the smart academics I mean
when we always but especially when we
were starting out everybody thought we
were stupid they thought we were crazy
because we were doing everything almost
opposite of what the traditional
Financial world was doing and I was
talking to John earlier and he said even
the traditional financial planning it
just doesn't work today so we've always
been told we were stupid or crazy and
didn't know what we were doing I guess
we were told we didn't know what we were
doing because we did not follow
traditional Financial advice and that
made all the difference
I just can't believe how stupid Highly
Educated people are financially
so John as at the risk of throwing your
own Compadres your buddies
under the bus
what's your personal opinion of people
like Kramer or Abby Joseph Cohen who are
the authorities
in the Financial stock markets and bond
markets yeah well it's it's great to be
with you guys always fun to uh get on
these calls with us with you guys um you
know is the great not was is the great
Thomas Soul who said in every disaster
throughout American history there always
seems to be a man from Harvard in the
middle of it
I love it I wish I would run for
president but um
I remember the story you told me a long
time ago one of the top Big Five CPA
firms told you to sell all your real
estate
yes we had a meeting with our financial
planner or financial strategist and he
brought the big league in from New York
and this was especially this was the top
guy and he was he was going to tell us
what to do and and straighten everything
out and so the first thing out of his
mouth was he said um well looking over
your portfolio
um I believe you are too heavily
invested in real estate and you should
sell most of your real estate and put it
into stocks that's amazing we thought it
was a joke we thought the guy was
pulling a joke on us yeah but he was for
real he was for real he wanted us to
sell everything and put it into stocks
but all these CPAs are the Elite yeah
they're very high to be a CPA you got to
be very smart
Robert Kiyosaki is the best-selling
author of Rich Dad Poor Dad a 10 Roberts
free virtual wealth building event claim
your free access now at richdadfree.com
go to richdadfree.com
you know I mean very smart so these guys
are telling Kim and I who are dumb shits
but don't have our degrees in finance
telling us to get rid of all our stock I
mean our real estate and we're paying no
taxes yeah they never ask how do you
guys get away with not paying taxes well
if we invest in real estate
they don't understand that and these
guys are CPAs before I go any further
John give us your background what is a
cfp certified financial planner and why
are you recovering one yeah I've gone
through the 12-step process to recover
from that time but uh certified
financial planner is the equivalent of a
CPA it takes years to be able to be even
able to qualify and sit for that exam
it's a two-day exam it's exhausting it
goes real deep on a lot of different
topics
um so it's very very comprehensive the
problem is although the information is
good it's relevant it doesn't get to the
core of why people continue to struggle
financially and that's what the
financial industry is missing so when I
answer your question Robert and you know
me well enough I'm so Politically
Incorrect Jim Cramer Abby Jose Cohen uh
Janet Yellen uh Powell all these smart
people in the room right they all just
think they're smarter than everybody
else because they don't have any answers
to what's going on and I can go on and
on but and John Jenna Yellen went in
front of that same Congress yeah and
here's inflation going through the roof
and oil and Kim and I don't own oil
companies we own oil production we
actually own the oil
so oil went from thirty dollars a barrel
to a hundred thirty dollars a barrel in
one day
that means we had a 400 percent increase
in cash flow
but it also destroyed the poor middle
class because all economies brought on
oil food and fuel
so in the micro economy you have this
Yuppie standing there in front of their
leased SUV pumping gas in
looking at the gas meter going up dude
the gas pump gee why is prices going up
so high
as they sit there chewing on their Fried
Chicken they got from the uh
Food Mart at the gas station
and they use that maxed out credit card
and they're hoping the next election
will save them
that's the American public that's micro
but macro they're being screwed left and
right
so a lot of times the talks I do are not
micro they're macro let me just say this
much from the problems with
macroeconomics is you can't see it
you really you haven't been to an oil
well to see the oil coming out of the
ground
and every barrel makes Kim and I richer
but unfortunately it destroys the world
and whenever yep and Robert I think to
that point so many people in that
situation are waiting for somebody else
to fix it instead of taking control of
them of their own amen the world so you
want somebody else to fix it instead of
doing what they need to do to take care
of themselves if I could still
shamelessly plug Rich dad's world for
those of you who think you better start
fixing it yourself
that's what the Rich Dad world's program
is that's the cash flow games that's our
books John what's the name of your book
um well the first book is the top 10
reasons the rich go broke and it's it's
powerful stories people I knew you knew
in Hawaii that had everything and then
lost it all not just Hawaii but people
that I've worked with that had
everything and then lost it all so
although it's a book about why the rich
went broke it's really about why
everyone goes broke because it's the
same underlying psychological issue that
so many people have
so so just because you were Rich
yesterday doesn't mean you're rich
tomorrow is that what you're saying 100
100 yep continue on Kim it's not rich
today and just because you're not rich
today doesn't mean you can't be rich
tomorrow correct and that's all I miss
say it again
a bull market and a bubble Market really
is what it is makes stupid people look
smart yep but a crash
makes them look stupid and they can't
admit it that's why Cramer and Abby
Joseph Cohen and Yellen they can't talk
about what's really going on because
they'd have to look stupid
meanwhile the people go to Rich dad's
world have a chance
because when the market crashes it's
going to be as a possible depression but
the next depression may be the biggest
opportunity you ever have or wipe you
out it's your choice
I mean I don't want people to be hurt
but from a from an opportunistic
standpoint I think there's going to be a
tremendous amount of opportunities which
means it's going to get really ugly very
quickly
um way worse than it is now you know
case in point I I can remember I was in
2007 I was in Puerto Rico for an
investment conference in Alan Greenspan
the guy who walked on water right
everyone just thought he was you know
Godlike and he was up there he gave this
long 60-minute who knows what he was
talking about no one followed him no one
could understand him and finally went to
q a this is 2007 and the first question
was that everyone was wanting to hear
what do you think is going to happen in
the real estate market and he said nine
months before the crash we've looked at
it yes there are Pockets there might be
a problem here and there but overall we
think the uh the real estate market is
solid and we all know what happened nine
months later that's Alan Greenspan and
everyone worshiped him as the greatest
Economist this planet has ever seen so
it's just perfect example of these
Elites who think they're so smart
because they went to an Ivy League
school or they got a PhD or whatever and
they've they kind of hang around in
their own little circles they don't know
what's going on outside the real world
and um and that's what leads to so many
of these problems and if I could add to
that John and we're talking about the
last time whenever I was talking to you
I ask you this question
how come they can't admit they made a
mistake
and that's because they think they're
smarter than everybody and you know
academics if you you admit you're a
mistake
you're a loser you're a failure
but they can't talk about it this is the
other point you know John how many fund
managers you know are going to stand up
there and said sell everything oh no
no and most people don't realize this
when they invest in a mutual fund or an
investment with an investment manager
and we all see them on television right
we do things differently and all that
stuff
most of them 99 of them have a mandate
to stay fully invested in whatever
strategy they're in
so even if they knew a missile was
coming over from Iran or wherever or
World War III was going to break out
these money managers by mandate by
prospectus have to stay fully invested
even if they had a crystal ball showing
that everything is going to go to hell
in a handbasket and and that's what
happens people wake up one day and they
turn on the television and they see this
massive market crash and they look at
their 401k account and it's in half I
mean that that has happened
so if fund managers are are seeing that
the market is crashing they will not
take your their your money out of the
stock market
most are required so the the reason the
law their logic behind it cam is you
hired us to manage growth stocks and
that's what we're going to manage on
your behalf you didn't hire us to manage
cash or bonds or gold you hired us to
manage these types of stocks and that's
what we're going to do no matter what's
going on now there are there are a
handful a small percentage of mutual
fund managers or money managers that can
move some into cash if they think things
are going to go bad but most of the time
I thought nine out of 10 times those
money managers are required to stay
fully invested in the market that they
manage the type of Market that they
manage and also if I could add this John
by the way
rich dad does not give Financial advice
right we're not saying sell
the reason we have John on this is
because he's a recovering certified
financial planner and it makes you sick
doesn't it what you see going on
no question about it absolutely the
other part about it is is when they're
fully invested they also can't get out
like there's a thing called REITs Reit
Real Estate Investment Trust they're so
illiquid they couldn't get out anyway
and and my concern is you know this work
at home issue is coming up
you know real estate's a very big
subject that's residential there's
Warehouse there's uh Office Buildings
there's retail and all this
but the office building REITs Real
Estate Investment Trust they're so fully
vested and people are not going back to
work
so I look at these office building
trusts they can't get out that's what
John is saying they can't get out even
if they wanted to
any comments John on that yeah
absolutely I mean just look at these
shopping malls and strip malls um Office
Buildings like you said people aren't
going to off into offices anymore I mean
what are they going to do with these
shopping centers that are just vacant I
mean I see them around here it's crazy
it's really scary you know yeah so if
somebody can figure that out how to
repurpose those shopping malls how to
repurpose commercial op commercial
office I mean there's a huge opportunity
there and I know there's all sorts of
discussions happening about that well
think about these large retailers
JCPenney Kmart Sears I mean that's
millions of square footage of of just
empty space what do they do with that
so the the point here is this is when
they see real estate's crashing the
reason we have Rich dad's world you ever
know what segment of real estate's crash
exactly that's a very big differential
there
and so I was I was cruising Macy's
yesterday everything is on sale
I was at Walmart everything is on sale
so the retailers are getting crushed so
those big box you know the
you know Tim do you remember when Rob uh
when we were in San Diego what's his
name
everybody wanted to get into big box
stores this is 30 years ago today
everyone wants to get out of big box
stores because online shopping is
killing them and the customer is going
broke yep but to your point too Robert
about you know what kind of segment what
what real estate segment is it because
some real estate segments are doing
great right now I mean you and I were in
you know a couple years ago we were
looking at the Port Authority in in uh
Georgia because warehousing is gonna is
growing like wildfire
um our other friend Craig was looking at
a deal for us which is industrial and
that's and that's doing really well in
the Phoenix area the other thing we're
investing in besides oil you know
because I have Kim and I have no stocks
or bonds no ETFs no funds
except things that we started because
we're entrepreneurs and cap we're
Venture capitalism is what we are
and so the other thing we invested in is
wagyu cattle food
and I go why why Google because that's a
brand
and the rich will always have money
the poor the middle class will have to
eat ground turkey
or fake beef
you know what I mean so we invested in
Kim and I invested in wagyu cattle we
actually bought the calves and all that
and because that's food
and people have to eat you may not like
to eat beef you can eat your fake beef
or whatever fake chicken
but the rich will always order a brand
so there's so many distinctions which
education is supposed to give you that
makes you smarter no matter what happens
in the economy and that's why we have
Rich dad's world is get the basic
information out there
so you can either take control of your
own finances or let some
college-educated person from Stanford
MIT
do it for you
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any comments John
you just nailed it right there I think
the key there the overarching theme of
kind of what we're talking about is
regardless of what's going on in the
world there are always always
opportunities and you cannot rely on
somebody else to find them for you
you've got to do your own work
um and yet people are just either their
heads in the sand or they're completely
unaware of what's going on in the real
world because like you said they're not
they're in the micro world you know
worried about
this is
taking advice from Certified Financial
plan
that's why you're recovering cfp if I
could add that to the back exactly what
you're saying the reason does Rich Dad
world
is my rich dad was my coach
I mean he slapped me around the place
yelled at me called me stupid
he was tough
but which dads were all about it not not
that they're mean
but people like me needed a coach
and the other reason Kim and I created
the cash flow board game is the way my
rich dad taught me about money was
playing Monopoly
and as Maria Montessori says at the
Montessori School System says what the
hand does
the Mind remembers
so if you're just getting words
it goes in left ear comes out right here
and so you have the cash flow board game
you actually have to do something so you
have Rich dad's world I mean I have a CO
I had a coach you know Kim I had a
fantastic coach who Frank Quarry and the
reason Kim and I now own
Partners in one of the biggest richest
gold mines in the world
is because of Frank
we had great coaches right Kim we did
and and they would say things or show us
things or do things with us that
actually did change our thinking about
how we operate
um but again it's it's people have to
sometimes get uncomfortable because when
you're learning something new it can be
uncomfortable so but again to your point
if you have coaches and mentors oh my
God if there's any shortcut to learning
for me it's coaches and mentors so rich
dad world is specifically in real estate
and other financial matters
are your coaches they're great people
John who was your personal coach
who affected you
I had several I mean you guys are
certainly one of them um and I read Rich
Dad Poor Dad many many years ago and
that was a game changer moment for me
I've had my my father who's been a great
mentor my grandfather but when I look
back what was really interesting is
it was a mentor in a roundabout way and
it was really sort of the Genesis behind
my book why the rich go broke and I was
Landscaping
um in between courses at the University
of Hawaii I'd come back from New Zealand
I was just taking some classes part-time
and I was landscaping for make some
money and we showed up at my favorite
house it's on halekoa Ridge
beautiful looking overlooking the ocean
and it was just the dream home straight
out of a magazine and I finally finished
and I asked my boss Larry I said what do
they do
and he said you really want to know do
you really want what they have I said
absolutely that's why I'm out here in 90
degree weather going to going to class
as well and he said we'll go up and take
a look in the kitchen
and I walked up walked up this beautiful
grass looked in the kitchen and all I
saw was a paper plate on a pot kettle on
the on the on the stove and a rolled up
futon in the corner I was like what
gifts because people must have just
moved in so I went back to Larry and I
said what's the deal he said well
they're flat broke I said they spent
money like they like they were never it
was never going to end he was a
political consultant and then his his
candidate loss got in trouble she was an
up-and-coming realtor and then she got
cancer and now I still where are they
right now he said they are living in the
sister's basement hiding from creditors
they are flat broke and yet on the
outside they looked amazing the nice
cars the car the backyard
everything was just beautifully set up
and that's when Larry said to me who's
still mowing yards this day he said John
you'd be surprised how many of these
beautiful houses that we're working on
are one paycheck way one commission
check away from going under and he said
John too many people are trying to keep
up with the Joneses he said he's and
then he said the second part he said but
the problem is the Joneses are broke as
well and and when I heard that that was
the game changer Epiphany moment another
Epiphany moment in my life that made me
realize that I will never put myself in
that situation and that's when I set out
to become financially free by the time I
was 40. and I I hit my goal at 37 and
that story that moment
um still gives me goosebumps when I tell
that story
um I kind of consider a mentor as well
um not not just an individual but it was
a story as an experience I went through
so
so if I could go on about rich dad's
world because that's what they offer and
I think soon you're going to see a huge
real estate crash coming up just like
gold and silver will crash by the way
this is real gold here
that's about 2 000 bucks
and this here is real silver
it's about 37 bucks
and this here is a fake silver quarter
you can tell by its copper it's the same
color as this copper
we have so much fake money floating
right now that's why the economy is
floating
but when that baby comes down
all the stupid people who looked smart
when it was floating up will look stupid
the problem is as the theme of this show
is
educated people cannot admit they made a
mistake so ladies and gentlemen I just
want to say that the theme of this show
is when they started printing fake money
was this quarter is fake this went fake
in 1964. they violated a law called
gresham's law
and what gresham's law says is when fake
money enters a system good money goes
into Heidi
but that what that set up so this here
is rail gold
and I bought my first gold coin in 1972
in Hong Kong was a South African cougar
in paid 50 bucks for it today it's worth
two thousand
that's the not that the goal went out
the dollar went down so my point here is
this the reason you have Rich dad's
world
is real estate's a very big subject you
could have warehousing Office Buildings
uh shopping centers off you know
everything
but the one thing that's causing people
to grow broke exactly as John says
they're hanging on to their freaking
houses
you know what I mean that housing is
vital gas is vital
so is food vital Walmart's going broke
Target's going broke
but they'll hang on to their house now
this is the rule on real estate
real estate depends upon jobs
interest rates are going up and down I
don't really care
people will fight for a place to live so
if they move that they lose that big
house that John talks about and there
are lots that will those big houses are
opportunities
but what Kim and I and Ken McElroy
invest in are apartment houses right Kim
yeah it's like it's like people need oil
people need food
timber people need a place to live
they're always going to need shelter
always and we never and and you know you
also have to look at there's so many
nuances to real estate and one of the
things we've always done Robert with
Kenny as you know is we don't go for the
high end we don't go for the luxury
apartments because if the economy turns
those people move down and they then
they downsize to a b apartment in Middle
apartment which is where we specialize
so there's a lot to learn but if you if
you're educated and you're ready and
when this crash comes then you're going
to see all sorts of opportunities if
you're not educated it's just going to
run right by you yeah I think that's the
most important thing you said Jim
you can say while the market hasn't
crashed yet
well you want to get ready for it you
know if if I was going to say okay I'm
going to turn pro golfer
but I won't turn pro until I'm ready to
hit the ball
I'm not going to win so we have Rich
dad's World here start practicing start
learning residential is I mean I think I
think I was cracking up Johnny's in
those big houses are empty it's going to
flush their kids out of their basement
oh
into their parents basement
these kids can't find jobs no yeah
because Biden is paying them not to work
so the residential property I mean Kim
and I are sitting fat and happy just
like we are with oil
the more they the more they raise they
the more they cut pipelines off Kim and
I get richer but America gets poorer
people poor middle class all over the
world get poor
well that's why I created the Casual
board game wrote Rich Dad part of that
why you wrote what the 10 reasons why uh
the rich girl broke is they don't have
really good Financial education and most
of them are listening to people with a
vested interest
in selling them something
yes so before you start buying real
estate when the crash comes I would
start practicing today
any comments on that Jim
well and and on top of that if you are
invested in some real estate
um we never stop learning you and I
um but there's also there's so many
different Avenues and you've got to
understand where the opportunity lies
and what sector it lies in what town it
lies you know you can talk about Arizona
well parts of Arizona are booming and
parts of Arizona are dying so you've got
to understand there's just so many
nuances and that's why that's why we uh
we love Rich Dad world and the education
and the mentoring that they give that's
why Robert and I and John are educators
of financial literacy that's why we do
what we do because you know I I always
say I can't control the US economy I
can't control the global economy but I
can control my own personal economy that
I can control and that takes education
that sometimes takes being uncomfortable
it takes a lot of learning and it takes
a lot of mistakes we make a lot of
mistakes all of us so
back up that Kim says we can all see the
micro
economy
we often can't see a macro because it's
invisible because invisible because
macro is historical
so every time
when the Chinese government did this
they took good money and turned it fake
the Chinese are the first to print paper
money it brought down the Chinese Empire
when the Romans did this it brought
discretion's law again when fake money
enters the system good money goes into
hiding the Roman Empire came down
in 1971
Nixon took the dollar off the gold
standard it was the end of the American
Empire
gresham's law
and the problem is 71 was quite a while
ago and all these Highly Educated people
especially the young financial planners
John
if they came into the market after 2008
they've never seen a bear Market
yeah am I correct on that they've never
seen inflation they've never seen a bear
Market
um and this goes all the way back to the
70s right A lot of people born you know
mid to late 70s they haven't seen any of
this pain and suffering that so many of
us have seen so they think it's just one
big Utopia
um but but you know you talk about macro
and I couldn't agree with you more and
Kim you mentioned its mindset I I see
Mac Pro as mindset but the problem is
and we've seen this speaking Around The
World Together people come up to us at
these conferences like John what do you
think about crypto should I get into it
what do you think about day trading
should I start doing that what do you
think about multi-level marketing and
they run off and uh without thinking the
big picture without having the mindset
and it just ends in a disaster most of
the time because they haven't taken the
time to really study and really learn
and they haven't seen history John you
know I mean because yeah you know when
when um
after Nixon took the dollar off the goal
standard real estate went through the
roof and I started hearing Oh Real
Estate never comes down real estate
never comes down am I rich dad that's
what my rich dad said to me and said
that a bull market or a rising Park
Market covers up people's stupidity
but when you have these young people who
haven't seen history like I go all the
way back to a Chinese Empire the Roman
Empire studied all of that
real money
and make it fake money it's gresham's
law the Empire collapses so the question
is who's going to pay off
the 300 trillion in U.S debt
they said debt is 30 trillion is really
300 trillion
they're going to have to pay that off
America's bankrupt because we just
violated gresham's law we started
printing money
so for me this is going to be a great
opportunity
because exactly Kim's is when the
shopping centers go down Office
Buildings go down who's gonna Who's
Gonna Fill them up
and uh as Bucky Buckminster Fuller said
my teacher
he says the biggest Office Buildings in
the world become low-income housing yeah
so I that's how you see the future
that's why average dad's world but you
better start practicing now before the
crash
I agree and and you know also because
sometimes it's unknown and it's
unfamiliar people want to make up a lot
of excuses the latest excuse I've heard
over and over and over for the last few
months is oh I'm not going to buy
because interest rates are up
Robert when you and I started when I
started real estate investing you
started before me when I started I think
interest rates were like 13. and and we
still cash flowed so rich dad's world is
here for you but you'd better start
preparing today you're going to be a pro
golfer don't start the day you tee off
right Kim right it takes a lot of work a
lot a lot of mistakes lots of mistakes
well just adding to that you know that
sort of the overarching theme of my book
and what I talk about is that learning
from people's success is as smart but
learning from people's mistakes is
genius
um I I as I always tell people and this
isn't this is an unpaid endorsement it's
all about mindset and if they want to
get serious about their financial life I
always say play the cash flow game that
really sets the context in place for you
then to take the next step and become
you know financially free and
independent and and get off that
paycheck um get off living on Payne
Island so that's that's where I leave it
and I just think
um programs like this and Rich world and
um and and and the books it's so so
important especially now with what's
going on because we are in unprecedented
territory and it's only going to get
worse now is the time you've got to get
prepared and and the last thing I'll say
is we talk about mentorship that there's
I I don't think there's anything more
important than having a mentor or
mentors even the greatest athletes in
the world have coaches and mentors so no
matter who you are you've got to get a
mentor in this program as an ideal
Mentor
um as one of your coaches you know
there's there have been so many there
are so many changes every day you wake
up and you go oh I can't get any it
can't get any crazier than this and it
gets crazier that day but when you look
around and you can look around just in
your neighborhood look in your street
you'll see all these trends that are
changing you know everybody wants
delivery that's why Robert and I were
looking at warehousing so there is a lot
of opportunity if you've got the skill
set and the knowledge and the experience
to take advantage of it and again that's
what Rich Dad that's what Rich Dad world
is all about
um kind of training your brain to see
opportunities where before you you'd
miss them thank you I have Kim if you
could get a 20 return on 10 interest all
day long all day long
and that's why when people say oh
interest rates are 10 I want to know
what inflation's running at yeah it's a
little bit more macro yeah
so that's that's a different way what
John calls mine says a different way of
thinking
this is the most exciting time to be
alive thank you all for watching this
program
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